PRESS UPDATE: Building the AI Platform, Churned raises Seed and releases V2

In 2019, Francisco Blasques, a professor of Data Science, and his former student Michiel Doornenbal decided to start the company together with Maarten Doornenbal. The company's name Churned stands for ´cancelled´.Besides well-known subscription models such as newspapers, energy suppliers, software suppliers and services like Netflix and Spotify, more and more industries use subscription based revenue models. Car manufacturers, coffee suppliers or even cosmetics now use this business model. But where subscriptions are made, they are also cancelled.

Retaining customers is becoming a bigger challenge for companies

Due to the increase in subscription models, the importance of retaining customers, also known as retention, has increased enormously. Many subscriptions can be cancelled monthly or even immediately.Churned is an AI SaaS specialised company that can explain, predict and prevent customer churn. Churned does this for companies with a subscription model (both B2B and B2C), but also for companies in e-commerce.

Maarten Doornenbal, co-founder of Churned: "Nowadays, companies have access to an enormous amount of data about their customers. But how can you as a company use this data to deliver more value to your customers? In the past, companies hardly did anything with customer data, or they hired an expensive consultancy firm and received a fancy report. And then? Often a great analysis, but that is not actionable.As a company with a subscription model, you want insight into whether customers are going to cancel their subscriptions or not. Even for companies without a subscription model, such as e-commerce, churn is a critical indicator of a company's performance. This is certainly true in times of economic downturn, when the retention of customers on the e-commerce platform is crucial. With the help of machine learning, churn can be predicted and prevented. And you can immediately take the right actions. There is a huge market for this and with Churned we have jumped into this opportunity. Our investor also recognises this potential."

Achieving international growth and expanding platform

With the investment, Churned's AI SaaS platform will be further developed. The international roll-out will also be accelerated by increasing marketing and sales capacity.Maarten Doornenbal: "Reducing churn by one percent yields 5 to 15 percent additional profit. This is a message that we want to spread internationally in order to realise growth. Besides the investments in marketing and sales, a large part of the investment will be spent on the further development of our platform. The back-end is extremely complex, but for our clients we want to keep the front-end, that which the client sees and uses, as simple as possible.

Goldfish

Goldfish will support Churned in other ways besides investing. Dave Dirks, partner at Goldfish: "Besides making investments, Goldfish also advises on M&A transactions and larger investment rounds. In recent years we see the importance of good insight and in-depth analysis and predictability of churn increasing. Many companies don't have that insight or aren't able to make a good analysis of it. Buyers and investors need that insight and that analysis in order to be able to estimate the possible value development of the company they would like to acquire or finance, and how churn ratios can be improved. After our market research, we found Churned to be the company that can solve that

Read the full article at: https://www.telegraaf.nl/financieel/16110100/groeikapitaal-voor-software-dat-opzeggingen-verklaart